Bitcoin 7-09-2021 flash sell-off who is responsible?

[gabbie2010]

Bitcoin entered this week with the most glamorous mood since April, with a market price of $52,500, and on the 7th of September 2021, which is Tuesday, the Bitcoin market crashed to $46k within a second.

On 7th of September a day, Bitcoin became a legal tender of a country 🇸🇻 El Salvador.

Who is responsible for the crash is it the whales or recent buyers.

Personally I might likened the sudden market crash that occurred on 07/09 to airdropping of $30 BTC to almost 4.5 million El Salvadorans, imagine half or more of the population selling some bit of their Bitcoin just for a trial and testing of LN of their wallet, definitely that will have a significant impact on the price of Bitcoin and could likely been the fundamental behind the crash, thus next time we should be at alacrity when there is going to be another airdropping and adoption of Bitcoin by another country, although the impact of the crash is minimal however in the long run its a big plus for the growth of Bitcoin.

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[BIN-BIN]

I think this may be partly correct, but on that day the El Salvador government’s wallet was down so if the network is down how possible is it that the activities from the citizen’s wallet are responsible for this crash.

[livingfree]

I think this may be partly correct, but on that day the El Salvador government’s wallet was down so if the network is down how possible is it that the activities from the citizen’s wallet are responsible for this crash.

It has a point but.

The whole market isn't just relying on El Salvador's new government wallet. There are other possibilities that have happened that affected the entire market and why it became down.